Why be a slave to the banks? You work hard for your money. Keep all that you can,Many people live paycheck to paycheck. So what happens if you lose your job or have a medical setback? You may want to be in a better position. Pay down your debt!

Have less worry and stress

Be able to meet your bill payments

Have security - some money in the bank to live on in an emergency.

Have enough money to be able to share with those in need

There is a method called the Snowball effect to pay down your debt.

Make a list of your debts.

Sort the list lowest to highest.

Add up all minimum payments.

You will make all minimum payments on the debts each month.

Find some extra money to use to pay down the debt.

Add the xtra money to the minimum payment on the lowest bill.

As you pay off that bill, add the amount you were paying, to the next debt on your list.

For example:

Pretend that all of your minimum payments were $20.00 each

You have a list of 5 debts so the total minimum payment would equal $100.00.

Find an extra $40.00, and add that to the lowest debt, so your payment on the smallest debt is $60.00

When that is paid off add that money to the next bill, so add that $60.00 payment to that minimum payment of $20.00, which would equal $80.00

When that debt is paid off add that $80.00 to the next debt, your payment will be $100.00, and so on....

There is also an "Avalanche Effect" which pays down the debt with the highest interest first. People don't ususally do this because it may take a long time to see any results, but you do save money in the long run.